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AMF forecasts 6.2% growth for UAE economy in 2025

The report added that the UAE’s economy shows strong fundamentals supported by a dynamic non-oil sector…reports Asian Lite News

The UAE’s economy is expected to grow by 3.9 percent in the current year, 2024, rising to 6.2 percent in 2025, according to the Arab Monetary Fund (AMF).

In its Arab Economic Outlook report issued today, the AMF stated that the expected growth of the UAE’s economy this year is driven by continued improvements in tourism activity, real estate, and international trade, increased capital spending, and ongoing efforts to support the economy, including developments in high-tech industries.

The report added that the UAE’s economy shows strong fundamentals supported by a dynamic non-oil sector and robust public and monetary policies aimed at maintaining economic development, financial stability, and the soundness of the financial sector.

The country’s growth relies largely on its strategic initiatives to strengthen its position as a global hub for trade and finance, continuous infrastructure development, a strong regulatory framework that attracts foreign investments, and a focus on innovation, growth, and technology-based sectors.

The report explained that the UAE witnessed significant economic growth in 2022, amounting to 7.5 percent, driven by a successful response to the COVID-19 pandemic, supportive financial measures, and the enhancement of a business-friendly environment implemented in previous years.

Additionally, there was strong growth in the fuel sector and a significant recovery in the tourism sector. The country also achieved a positive growth rate of about 3.6 percent last year.

The report projected that the growth rate of Arab economies would improve in 2024, reaching about 2.8 percent compared to 0.3 percent in 2023. The pace of economic growth is expected to further improve to 4.5 percent in 2025, with declining interest rates and tightly controlled inflation. This is in addition to the stability of oil prices at relatively high levels and the stability of commodity prices.

The report indicated that the main oil-exporting Arab countries are expected to benefit from improved energy price levels, which is expected to positively affect their economic growth in 2024 and 2025. The major oil-exporting countries are projected to witness a growth rate of 3.7 percent in 2024, rising to 5.1 percent in 2025.

The Arab Monetary Fund report estimated that the Kingdom of Saudi Arabia’s economy would grow by 4.4 percent in 2024 and 5.7 percent in 2025, while the Qatari economy is expected to grow by about 1.8 percent in 2024 and 3.1 percent in 2025.

The Kuwaiti economy is projected to grow by 2.7 percent by the end of this year, rising to 3 percent next year.

The report anticipated that the Sultanate of Oman’s economy would achieve growth rates of 2.3 percent and 2.7 percent in 2024 and 2025, respectively, while Bahrain’s economy is estimated to grow by 3.5 percent and 3.2 percent in 2024 and 2025, respectively.

ALSO READ: Hamdan lauds UAE’s globally unique government system

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Indian Auto Industry Up 9.8%, Bright Outlook Ahead

The turnover for the year reached ₹6.14 lakh crore (USD 74.1 billion), according to the ACMA, which represents India’s auto component manufacturing industry, in its review of the fiscal year 2023-24…reports Asian Lite News

The turnover of India’s automotive component industry registered a growth of 9.8 per cent in the financial year 2023-24, according to the Automotive Component Manufacturers Association of India (ACMA).

The turnover stood at Rs 6.14 lakh crore (USD 74.1 billion) during the year, said the ACMA, the body representing India’s auto component manufacturing industry, in its review for the fiscal year 2023-24, as per a release.

Shradha Suri Marwah, President, ACMA, and CMD, Subros, said that apart from an increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector.

“On the front of trade, whilst overall merchandise exports from India witnessed degrowth in FY24, auto component exports have grown despite geopolitical challenges and an increase in logistics costs,” Marwah said.

Elaborating on the mood of the industry and outlook for the near future, Marwah mentioned, steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in 2023-24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in vehicle sales, especially in passenger vehicles and commercial vehicles, given the high base, due to inclement weather conditions and elections.

“With strong macro-economic indicators, conducive government policies, and over 7 per cent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in 2024-25,” Marwah added in the release.

Following are some of the key findings of the ACMA Annual Industry Performance Review:

Auto component sales to Original Equipment Manufacturers (OEMs) in the domestic market were at Rs 5.18 lakh crore (USD 62.4 billion), growing 8.9 per cent compared to the previous year. Consumption of increased value-added components, a thrust on localisation, and a shift in market preference towards larger and more powerful vehicles contributed to the increased turnover of the auto-components sector.

Exports of auto components witnessed growth of 5.5 per cent to Rs USD 21.2 billion in 2023-24 in contrast to USD 20.1 billion in 2022-23. North America accounted for 32 per cent of exports. Europe accounted for another 33 per cent and Asia for 24 per cent, respectively. Exports to Europe grew by 12 per cent while to Asia remained flat.

The key export items included drive transmission and steering, engine components, body and chassis, suspension and braking systems.

Component imports grew by 3.0 per cent in 2023-24 to USD 20.9 billion from USD 20.3 billion in 2022-23.

Further, increased vehicle movement and a surge in demand for used vehicles led to buoyancy in the aftermarket across all segments.

The turnover of the aftermarket in 2023-24 stood at Rs 93,886 crore (USD 11.3 billion) compared to Rs 85,333 crore (USD 10.6 billion) in the previous year. The aftermarket, with an increase in e-commerce, is witnessing enhanced penetration, especially in the hinterland, and a gradual evolution into the organised sector. (ANI)

ALSO READ: Budget 2024 vs. Interim: What’s Changed?

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Reeves to reveal ‘true scale of damage’ to economy  

When Reeves sets out the findings of her Treasury audit on Monday, she will also announce the date of the spending review and the budget in October…reports Asian Lite News

Rachel Reeves is expected to reveal a £20bn hole in government spending for essential public services on Monday, paving the way for potential tax rises in the autumn budget.

Labour sources said the blame lay with the Tory government, describing it as a “shocking inheritance” and accusing the former chancellor of “presiding over a black hole and still campaigning for tax cuts”.

They pointed to spending concerns on the asylum system, welfare, defence and prisons. However, work is still being done on the audit and the final figure of £20bn could shift as officials examine the spending commitments of each department.

When Reeves sets out the findings of her Treasury audit on Monday, she will also announce the date of the spending review and the budget in October.

Experts expect she will be forced to announce tax changes in the budget, with options including capital gains or inheritance taxes and slashing other tax reliefs. Reeves has ruled out changes to income tax, VAT, national insurance and corporation tax – the largest revenue raisers.

The prime minister, Keir Starmer, told business leaders this week that the public finances were “in the worst place since the second world war”.

A Labour source said: “On Monday, the British public are finally going to see the true scale of the damage the Conservatives have done to the public finances.

“They spent taxpayers’ money like no tomorrow because they knew someone else would have to pick up the bill. It now falls to Labour to fix the foundations of our economy and that work has already begun.”

Economists have predicted Reeves will “kitchen sink” the bad news about the economy, in an expected excoriation of the previous government’s record. The review is likely to conclude that existing spending plans are unsustainable and would require substantial cuts to public services, a position that economists had highlighted repeatedly before the election.

Presenting her Treasury audit to the Commons on Monday, the chancellor is expected to say her review has revealed state and privatised services at risk of collapse under current plans.

Further billions are also committed in schemes like compensation for victims of the infected blood scandal and of the Horizon failures at the Post Office. The Cabinet Office minister, Nick Thomas-Symonds, told the House of Commons on Thursday that final compensation payments to patients infected with contaminated blood products and bereaved partners will begin to be made by the end of this year.

On Monday, Reeves will also set out the government’s response to the public sector pay recommendations, which are about 3% higher than in current spending plans. Government sources have suggested she is minded to accept the independent pay bodies’ recommendations in full – a symbol of a new government approach – due to the costs of provoking potential further industrial action.

The former chancellor Jeremy Hunt is said to have believed that pay demands would have eaten all of the Conservative government’s fiscal headroom – one of the key reasons for Rishi Sunak calling an early election as it became clear there could be no promised tax cuts.

Reeves is expected to make it explicit that she believes her predecessor deliberately did not act to address the looming spending shortfall. “Jeremy Hunt is going to have a lot of explaining to do,” said one source.

She will make references to how she will address the pressures in her speech on Monday, but frame it as the first in a two-stage process that will be followed in the October budget with work kicked off by the Office for Budget Responsibility.

The economist Michael Saunders, a former external member of the Bank of England’s monetary policy committee, said the Reeves review could be used to “justify significant extra tax hikes, perhaps an extra £10bn-£25bn”.

He said in a report this week: “We suspect the Reeves review will conclude that a more realistic and sustainable outlook is likely to require a mix of higher public spending, greater headroom versus the fiscal rules and a more plausible path of fiscal tightening over the five-year forecast period.

“Any political costs from higher taxes could be outweighed by the scale of Labour’s majority and, using the cover of the review, putting the blame on the weak fiscal position left by the previous Conservative government.”

Tax-raising options on offer to Reeves include generating about £3bn a year, according to the Institute for Fiscal Studies, by limiting inheritance tax relief on agricultural and business assets, bringing pension pots within inheritance tax and removing the capital gains uplift on inherited assets

But the targeting of inheritance assets or pensions savings in particular is extremely contentious and is likely to draw heavy criticism from the Conservatives.

As well as setting out the major gaps in public spending projections, which experts had already said were likely to require austerity-level cuts, Reeves will highlight wasted opportunities for growth, including planning and investment.

ALSO READ-Chancellor Reeves to bring back housebuilding targets

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Budget 2024 vs. Interim: What’s Changed?

The Interim Budget has limitations, as it’s presented by a government in its final year to secure parliamentary approval for withdrawing funds from the Consolidated Fund of India…reports Asian Lite News

The full budget for 2024-25 presented by the Finance Minister in Parliament on Tuesday has accelerated the thrust of the Interim Budget on empowering youth, women, farmers and the poor, with the introduction of bold path-breaking initiatives to increase employment and enhance incomes in these priority segments of society.

As part of the bigger push to create more jobs, the Finance Minister announced the Prime Minister’s package comprising five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore in the full budget.

There has been a huge increase in the support for micro, small and medium enterprises (MSMEs) that have the potential of generating large scale employment.

The budget has also allocated as much as Rs 3 lakh crore in programmes that will enable more women to enter the workforce and contribute to the country’s inclusive development aligned with the ‘Viksit Bharat’ goal, the Finance Minister said.

Similarly, a robust allocation of Rs 5.2 lakh crore has been made for agriculture and allied sectors to enhance the earnings of farmers.

The full budget has also strengthened the country’s financial consolidation path as the fiscal deficit target has been reduced to 4.9 per cent of the GDP for 2024-25 compared to 5.1 per cent fixed in the Interim Budget.

The government has reduced its planned gross market borrowing by Rs 12,000 crore for FY 2025. The new borrowing target is Rs 14.01 lakh crore, down from the Rs 14.13 lakh crore announced in the Interim Budget.

This has been made possible as tax collections in the fast-growing economy have turned out to be higher than expected and the RBI has also delivered a huge dividend to the government.

The reduced borrowings by the government will leave more money in the banking system for companies to borrow for investments which will help to spur growth and create more jobs, according to economists.

A lower fiscal deficit also helps to keep inflation in check which ensures a stable growth path for the economy.

The Interim Budget has its limitations as it is presented by a government in its last year in office to seek fresh approval from Parliament to withdraw money from the Consolidated Fund of India to run the country since the 2023-24 Budget was valid only till March 31 this year.

Consequently, no major tax reforms could be announced in the Interim Budget.

Union budget word on wooden cube with indian currency

Senior officials point out that the Finance Minister had indicated at the time that “no big bang tax reforms” should be expected in the Interim Budget. In the full Union Budget, the Finance Minister has announced a big relief in the tax burden for the middle class which will place more purchasing power in the hands of people that will spur economic growth.

Similarly, wide-ranging changes in customs duties have now been announced in the full budget which will remove inverted duty structure in some sectors and result in the increase in domestic production and higher exports.

Besides, the Finance Minister has announced a comprehensive review of the Income Tax Act, 1961 aimed at reducing disputes and litigation.

The review will be carried out on a fast track and be completed in six months, she said.

At the same time, some allocations made in the Interim Budget have been retained as part of the continuity in the planning process.

In the case of big infrastructure projects in the highways, ports, railways and airports sectors to be taken up in 2024-25 the Interim Budget had seen an over 11 per cent increase in allocation to a staggering Rs 11.1 lakh crore.

The full budget has retained this capital expenditure target as these big projects with large gestation lags have already been identified.

Similarly, the emphasis on green energy and tourism in the Interim Budget also finds its place in the full budget as part of the continuity in the country’s planning for development.

The Union Budget of 2024-25 has also retained an allocation of Rs 6.22 lakh crore for the Ministry of Defence (MoD), which is the highest among the ministries.

While maintaining the allocation made to MoD during the Interim Budget, the government has earmarked an additional outlay of Rs 400 crore, in the Union Budget presented on Tuesday, on innovation in Defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme.

The allocation is aimed to promote ‘Aatmanirbharta’ in Defence technology and manufacturing and equip the armed forces with modern weapons/platforms along with creation of job opportunities for the youth.

ALSO READ: India Challenges China with Mineral Budget

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Two ISRO astronauts to begin NASA training in August

An ISRO official mentioned that while the astronauts have received general spacefaring training in India, much of their focus has been on Gaganyaan-specific modules…reports Asian Lite News

Two Indian Space Research Organisation (ISRO) astronauts are set to begin their training for the Gaganyaan mission with the National Aeronautics and Space Administration (NASA) in August this year. The training will take place at NASA’s Johnson Space Center in Texas and is a significant milestone in the collaboration between the two space agencies. These astronauts are part of a group of four designated test pilots from the Indian Air Force, selected for this mission.

An ISRO official mentioned that while the astronauts have received general spacefaring training in India, much of their focus has been on Gaganyaan-specific modules. To prepare for the upcoming mission, they will need to become familiar with the International Space Station (ISS) modules and protocols during their time at NASA.

After completing their training in Texas, one of these astronauts will join the upcoming Indo-US space mission to the ISS. This collaboration was highlighted during Prime Minister Narendra Modi’s state visit to the US in June 2023, where President Joe Biden announced that NASA would train Indian astronauts for this mission.

The crewed Indo-US space mission is scheduled for launch by the end of 2024. Despite some reports suggesting potential delays, US Ambassador to India Eric Garcetti confirmed that the mission is set to proceed by the end of this year. The mission will utilize SpaceX’s Falcon 9 rocket and Crew Dragon capsule, with operations managed by Axiom Space. This mission, known as Axiom-4, is designed to transport Indian astronauts to the ISS for a 14-day stay and marks the fourth private astronaut mission conducted by NASA in collaboration with Axiom Space.

This mission is particularly significant for India as it marks the country’s return to crewed spaceflight since Rakesh Sharma’s historic journey aboard Soyuz T-11 to the Soviet Salyut-7 Space Station in April 1984. The training and the Indo-US mission are preparatory steps for India’s Gaganyaan space programme, which aims to launch a human-carrying spacecraft to Earth orbit and ensure its safe return. This mission will be India’s first indigenous crewed spaceflight.

However, India’s human spaceflight is expected to be delayed until at least 2025, as the initial unmanned mission is yet to commence. The manned mission will only proceed after the successful completion of two unmanned flights. Additionally, India’s GSLV Mk2 rocket is set to launch the Indo-US satellite NISAR (NASA-ISRO Synthetic Aperture Radar) by late 2024 or early 2025. NISAR will play a crucial role in monitoring Earth’s vital signs, contributing to climate change research and natural disaster evaluations.

ALSO READ: Bengal Assembly passes resolution on scrapping of NEET

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Bengal Assembly passes resolution on scrapping of NEET

With this, West Bengal became the second state after Tamil Nadu to pass a motion demanding scrapping of NEET….reports Asian Lite News

A motion moved by the ruling Trinamool Congress in West Bengal Assembly demanding scrapping of the National Eligibility cum Entrance Test (NEET) and restoration of the previous system of individual state governments conducting such examinations, was passed in the House on Wednesday.

With this, West Bengal became the second state after Tamil Nadu to pass a motion demanding scrapping of NEET.

The development came in the wake of the recent NEET paper leaks that took place in the country.

Earlier, West Bengal Chief Minister Mamata Banerjee had sent a letter to Prime Minister Narendra Modi raising the same demand.

Now, after passing the motion in the House, the Treasury Bench officially recorded its reservations about NEET.

According to West Bengal Education Minister, Bratya Basu, his party has always been against NEET with its all-India nature.

He said that his party had been resisting the move since it was against the federal structure of the country.

However, the Leader of Opposition in West Bengal Assembly pointed out that the ruling party in a state whose leaders were neck-deep in the cash-for-school job case were not raising questions and moving on the issue.

Meanwhile, in a big blow to the litigants alleging irregularities in the NEET-UG 2024, the Supreme Court said on Tuesday that sufficient material was not available on record to order a re-test.

Referring to the data analytics undertaken by IIT Madras and other statistics placed on record, a bench presided over by CJI D.Y. Chandrachud observed that there was no systematic leak of question papers breaching the sanctity of the competitive exam.

The bench, also comprising Justices J.B. Pardiwala and Manoj Misra, said that it was mindful of the fact that directing fresh exam would be replete with serious consequences for over 2 million students who had appeared for the National Eligibility cum Entrance Test (Undergraduate) on May 5.

The apex court clarified that its judgment won’t prevent authorities from taking action against candidates who had secured admission using malpractices.

It also asked the National Testing Agency (NTA) to re-tally the marks afresh in view of the opinion rendered by the expert panel of IIT Delhi in respect of a contentious physics question, saying that two options cannot be treated as the correct answers to a question.

During the previous hearing, the SC had asked the Director of IIT Delhi to constitute a team of three experts to formulate its opinion on the correct option and remit its opinion to the registrar of the court by 12 noon on July 23.

During the hearing on pleas seeking cancellation of the NEET-UG, a petitioner pointed out that as many as 44 candidates were able to secure full marks on account of the ambiguous question, and questioned NTA’s decision to award compensatory marks in violation of its own instructions asking students to follow the latest NCERT textbook.

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Budget no good to commoner, says Rahul  

Kharge further lambasted the government for its failure to address railway safety, conduct a census, and increase job opportunities…reports Asian Lite News

The leader of the opposition in the Lok Sabha, Rahul Gandhi on Tuesday criticised the Union Budget 2024-25, accusing the Finance Minister of making hollow promises.

Taking to social media platform ‘X,’ he tweeted, “Kursi Bachao Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets.”

Mallikarjun Kharge also took to ‘X,’ tweeting, “Modi Government’s ‘copycat budget’ could not even copy Congress’ justice agenda properly! The Modi Government’s budget is distributing half-hearted ‘rewadis’ to dupe its coalition partners so that the NDA survives. This is not a budget for the ‘progress of the country,’ it is a ‘save Modi government’ budget!”

Kharge criticised the budget’s lack of substantial announcements for the youth, farmers, Dalits, Adivasis, backward classes, minorities, middle class, and rural poor. He stated that there was no significant plan for women, and the government was ignoring critical issues like rising inflation and rural development.

He noted, “There is nothing concrete! The word ‘poor’ has become just a means of self-branding.”

Kharge further lambasted the government for its failure to address railway safety, conduct a census, and increase job opportunities.

Senior Congress leader P Chidambaram noted that the budget had “missed opportunities” and welcomed the adoption of Congress’ Employment-Linked Incentive (ELI) and Apprenticeship scheme. However, he wished more ideas from the Congress manifesto had been included. Chidambaram also welcomed the move to abolish the Angel Tax, a long-standing demand of the Congress.

Samajwadi Party chief Akhilesh Yadav also criticised the Union Budget, labelling it a ploy to retain power by mentioning special projects for Bihar and Andhra Pradesh.

Yadav said, “They have increased unemployment in the last 10 years,” and questioned what the BJP had done for farmers and youth.

Samajwadi Party MP Dimple Yadav added, “The main concern regarding women is their safety, and this issue has not been addressed. The government does not want to take any steps to control inflation.”

CPI(M) General Secretary Sitaram Yechury joined the chorus of criticism, stating that the budget failed to address rising unemployment, inflation, and food prices. He pointed out that government expenditure as per GDP has decreased, which would lead to increased problems for the people.

In her budget announcement, Finance Minister Nirmala Sitharaman highlighted new airports and medical colleges in Bihar, temple corridors, and special funds for the Rajgir Jain Temple site. Andhra Pradesh received special financial support to address its need for capital, with an allocation of Rs 15,000 crore for the current fiscal year. (ANI)

ALSO READ-Budget showers special attention to Bihar, Andhra

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India Challenges China with Mineral Budget

Sitharman said that the mandate for the Critical Mineral Mission will include technology development, a skilled workforce, an extended producer responsibility framework, and a suitable financing mechanism…reports Asian Lite News

Union Finance Minister Nirmala Sitharaman, presenting the Budget 2024-25 on Tuesday, announced the setting up of a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. 

The step will give a major impetus to India emerging as an alternative to China in the supply chain for this crucial input for manufacturing high-tech electronic products.

Critical minerals such as lithium, chromium, nickel, graphite, cobalt, titanium, and rare earth elements are essential raw materials for sectors like electronics, electric vehicles, renewable energy, defence and high-tech telecommunications.

Sitharman said that the mandate for the Critical Mineral Mission will include technology development, a skilled workforce, an extended producer responsibility framework, and a suitable financing mechanism. She also said the government will launch the auction of the first tranche of offshore blocks for mining, building on the exploration already carried out. Currently, the extraction of critical minerals is dominated by a few countries such as China which makes the supply chain vulnerable to geopolitical uncertainties. India is viewed as part of the alternative supply chain that needs to be developed to break China’s dominance in this crucial segment.

The Narendra Modi government has accelerated the exploration of critical minerals in India over the last two years as a result of which over 100 critical mineral blocks are now in the pipeline and will be put up for auction to mining companies.

India, China military-level talks end on positive trajectory.

India is also working in close collaboration with Australia, the world’s top producer of lithium accounting for as much as 47 per cent of the mineral. A government-to-government agreement has been signed between the Ministry of Mines and DSIR under which five projects of lithium and cobalt have been selected where project feasibility is being carried out.

KABIL, a Joint Venture Company formed by NALCO, HCL and MECL – all Central public sector enterprises under the Ministry of Mines – is entrusted with the important mission of identifying, exploring, acquiring, and developing critical and strategic mineral assets overseas.

An international summit was also held in Delhi at the end of April this year to woo foreign investors with details of fiscal and non-fiscal incentives being offered to push growth in the sunrise sector. The steps announced in the Budget will help to accelerate the country’s march to achieving the goal of securing the supply of critical minerals to take forward its green energy transition and emerge as an important part of a more global supply chain.

ALSO READ: Experts: New Taxonomy to Standardize Green Bonds

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Realty sector hails Budget

Industry lauded the move to slash capital gains tax from 20 to 12.5 per cent which will attract greater investment into the realty sector…reports Asian Lite News

The Indian realty sector has largely given a thumbs up to the Union Budget 2024-2025 presented in the Parliament on Tuesday by Finance Minister Nirmala Sitharaman, terming it visionary and vibrant which will sustain India’s growth story over the next five years.

The President of the Confederation of Real Estate Developers Association of India, Boman Irani, said that with the PM Awas Yojana-Urban, the housing needs of one crore poor and middle-class families will be addressed with an outlay of Rs 10 lakh crore, including central assistance of Rs 2.2 lakh crore in five years.

The Chairman of the National Association of Realtors-India (NAR), Sumanth Reddy, lauded the move to slash capital gains tax from 20 to 12.5 per cent which will attract greater investment into the realty sector, but said that reducing GST on real estate brokerage services to 5 per cent remains pending.

Giving a score of 8/10 to FM Sitharaman, Niranjan Hiranandani, Chairman, National Real Estate Development Council (NAREDCO), said that a monumental allocation of Rs 10 lakh crore for PMAY-Urban for three crore houses, 12 new industrial parks, and focus on rental housing through dormitories in industrial parks would boost affordable rental homes for industrial workers, and underscore a robust vision for urban development.

Maharashtra NAREDCO President Prashant Sharma said the comprehensive approach to job creation and boosting consumption are positive signs for the realty sector, while the other initiatives will create a ripple effect enhancing the economic landscape and boosting demands for residential and commercial properties.

“Significant infrastructure investments continuing over the next five years, including a provision of Rs 11,11,111 crore for capex, will have a multiplier effect that will drive private investment in infrastructure. The introduction of a market-based financing framework and simplified rules for Foreign Direct Investments (FDIs) will further facilitate economic growth and stability,” Sharma said.

The President of CREDAI-Maharashtra Chamber of Housing Industry, Domnic Romell, said the proposal to reduce stamp duty for women house buyers is a progressive step, especially in places like Mumbai where realty prices are among the highest, besides “promoting gender equity through lower duties for women purchasers is a socially responsible move, which we have been advocating for long”.

CREDAI-MCHI Vice President Pritam Chivukula said that keeping in mind the Viksit Bharat initiative, the Budget will give a significant boost to housing both in rural and urban areas, and help the people get a roof over their heads, particularly the one crore poor and middle-class sections.

Similarly, the Rs 2.66 lakh crore for rural infra development will help the people in Mofussil India become self-reliant and uplift their living standards while discouraging the rural migration to urban centres, thus ensuring overall development, Chivukula said.

Other top realtors and industry experts like Tribhuwan Adhikari, MD & CEO, LIC Housing Finance; Amit Sinha, MD & CEO, Mahindra Lifespace Developers Ltd; Sandeep Runwal, MD, Runwal Group; Kamal Singal, MD & CEO, Arvind SmartSpaces Ltd; Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd; Atul Bohra, Group CEO, Kolte-Patil Developers Limited; Shashank Paranjape, MD, Paranjape Schemes Construction Ltd; Ramesh Nair, CEO, Mindspace Business Parks REIT; and Nagaraju Routhu, CEO, Experion Developers, also hailed various other facets of the Budget.

These include the proposed industrial corridor that will spur employment, industrial growth and economic progress, the digitalisation of urban land records with GIS mapping and an IT-based system that will enhance transparency and efficiency while reducing risks linked with unclear titles or property disputes, the capital gains tax adjustments proposals, the tax incentives under Section 80EEA, GST reliefs, etc., which herald a progressive future for the industry and the country.

ALSO READ: Budget allocation for rural development ministry up by 12%

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SC directs Centre to evolve national policy on GM crops

The State Governments shall be involved in evolving the National Policy on GM crops, court directed…reports Asian Lite News

Supreme Court on Tuesday directed the Centre to evolve a National Policy with regard to GM crops in the realm of research, cultivation, trade and commerce in the country, but split on the issue of granting conditional approval for environmental release of DMH-11.

A bench of justices, BV Nagarathna and Sanjay Karol, disagreed with each other on aspects of the environmental release of genetically modified mustard, but they agreed to give directions to the Centre to evolve a National Policy with regard to GM crops in the realm of research, cultivation, trade and commerce in the country.

“The said National Policy shall be formulated in consultation with all stakeholders, such as, experts in the field of agriculture, biotechnology, State Governments, representatives of the farmers, etc. The National Policy to be formulated shall be given due publicity,” the court said.

For the said purpose, the MoEF&CC shall conduct a national consultation, preferably within the next four months, with the aim of formulating the National Policy on GM crops, the bench ruled.

The State Governments shall be involved in evolving the National Policy on GM crops, it further directed.

“Respondent – Union of India must ensure that all credentials and past records of any expert who participates in the decision-making process should be scrupulously verified and conflict of interest, if any, should be declared and suitably mitigated by ensuring representation to wide range of interests.

Rules in this regard may be formulated having a statutory force,” the top court said.

In the matter of importing GM food and more particularly GM edible oil, the respondent shall comply with the requirements of Section 23 of FSSA, 2006, which deals with the packaging and labelling of foods, the top court said.

“Having regard to the difference of opinion expressed by us on the decision of the GEAC and MoEF granting conditional approval for environmental release of DMH-11, the Registry shall place the matter before Hon’ble the Chief Justice of India for constituting an appropriate Bench to consider the said aspect afresh,” the court said.

Justice Nagarathna ruled that the approval for environmental release of transgenic mustard hybrid DMH-11 violate the precautionary principle inasmuch as there has been no determination made, as to, whether transgenic mustard hybrid DMH-11 is an HT crop and if so, the nature of risk that would be caused by the said plant to the environment including other plants as well as to human beings and animals.

Expressing dissent, Justice Sanjay Karol held that the decision of the GEAC to grant conditional approval is not vitiated by non-application of mind or any other principle of law, on part of the body, which itself is an expert body.

According to Justice Nagarathna, “the recommendations of GEAC dated October 18, 2022, as well as the decision taken by the respondent Union of India on October 25, 2022, with regard to approving environmental release of transgenic mustard hybrid DMH-11 on the application made by the applicant, namely, CGMCP, University of Delhi (South Campus’), are vitiated and hence, they are liable to be quashed and are quashed.”

“I further observe that the recommendation of the Expert Committee constituted by the GEAC in the year 2022 is of no consequence and not binding,” Justice Nagarathna said.

But Justice Sanjay Karol opined that the composition of the GEAC is in accordance with the Rules.

“Judicial review into the decision-making of all bodies concerned with GMOs is possible. The question of a ban on Ht crops is not warranted in view of the precautionary principle and it is a decision squarely within the domain of policy,” Justice Karol said.

“The composition of the GEAC is in accordance with the Rules, to which the challenge of constitutionality, has failed, and in the absence of any change in the Rules, no fault can be found with the same,” Justice Karol said.

“The decision of the GEAC to grant conditional approval is not vitiated by non-application of mind or any other principle of law, on part of the body, which itself is an expert body,” Justice Sanjay Karol said.

Various petitions were moved in the Supreme Court challenging the Union Environment Ministry’s decision to grant approval for commercial cultivation of Genetically Modified (GM) mustard.

In an affidavit filed earlier by Centre, the govt submitted that the Union of India is committed to increasing farm productivity and the income of farmers through development of low-input- high-output agriculture and make the country self-sufficient in edible oil and grain legumes.

To achieve this objective, several nations around the world have safely employed genetic engineering (GE) technologies. To safely encourage this endeavour in India, an elaborate statutory scheme exists to ensure effective regulatory review for the research, development and commercial use of GE technologies, as per the affidavit filed by Centre.

Approximately 55-60 per cent of edible oil in India is imported. Strengthening of plant breeding programmes, including use of new genetic technologies such as GE Technology, is critical for meeting emerging challenges in Indian agriculture and ensuring food security while reducing foreign dependency, the Centre has said.

Centre had submitted that issues raised by the petitioners fall within the domain of the executive, aided by scientific and other technical experts and the research, development and use of genetic engineering technologies is a highly technical matter guided by views that emerge from scientific consensus among subject experts. As such, it is most humbly submitted that the inquiry of this Court may be limited to whether there is an adequate regulatory mechanism in place governing this field and whether there has been material compliance with the same, the union government had submitted.

Centre had also said that the controversy raised by the Petitioners concerns a conditional approval made to the CGMCP for environmental release of transgenic mustard hybrid DMH-11 and its parental lines bn 3.6 and modbs 2.99 containing barnase, barstar and bar genes prior to commercial release. This conditional approval has been made after a long and exhaustive regulatory review process which commenced as far back as in 2010.

It is to be noted that this approval of environmental release prior to commercial release is for the purpose of undertaking seed production and testing of hybrid of DMH-11 and developing new parental lines and hybrids under the supervision of Indian Council for Agricultural Research (ICAR). As such, this conditional approval pertains to an environmental release prior to commercial release and is subject to necessary regulatory and technical oversight, the government has said. (ANI)

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